Coop societies to take to CBS, mobile banking system

Panaji: Goa State Cooperative Bank (GSCB) held a meeting on Monday with members of select cooperative societies and took a decision to offer a unique mobile banking platform called SIMsePAY to all customers of cooperative societies in the state.TNN | December 06, 2016, 16:13 IST

Panaji: Goa State Cooperative Bank (GSCB) held a meeting on Monday with members of select cooperative societies and took a decision to offer a unique mobile banking platform called SIMsePAY to all customers of cooperative societies in the state.

“A decision was also taken to adopt core banking solutions (CBS) and to adhere to know-your-customer (KYC) norms,” GSCB managing director Suresh Lotlikar said, adding. “The core committee panel of cooperative societies met and unanimously decided to proceed to achieve the target by December 25.”

GSCB has tied up with Yes Bank to offer SIMsePAY, a unique innovation that allows any account holder to do money transfers, pay utility bills and other mobile banking services, without smart phones or internet.

Customers will have to make a one-time payment of 275 for the SIMsePAY device and a prepaid debit card, GSCB chairman Ulhas Phaldessai said. “We want the government to bear this cost and subsidize it for the customers who are basically farmers,” Phaldessai also said.

The common mobile platform being offered to the cooperative societies is nothing but a tiny device that is attached to a customer’s SIM card like a sleeve. It has been developed by Taisys Technologies, which holds a global patent for the device, and has implemented it successfully in other countries including Kenya and China.

Cooperative societies have also agreed to submit the information required for IT infrastructure audit and to form a common platform with GSCB to use their data centre. “We’ve also decided to share the cost of proposed developments on customer base basis,” Lotlikar said.

“Through the launch of SIMsePAY along with co-operative bank tie-ups across the country, we will effectively aid our country’s ongoing transition to a ‘less-cash’ society,” Yes Bank MD and CEO Rana Kapoor said.

GSCB has also requested state government to subsidize the set-up cost of mobile payments and acquisition of point of sale (POS) devices. “We’ve placed an order of 400 devices,” Phaldessai said.

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As the Special Chief Secretary & IT Advisor to the Chief Minister - Govt. of Andhra Pradesh, J A Chowdary is all for chasing new growth horizons, pursuing radically different development approaches and outguessing technology trends that will shape the future.

As the Special Chief Secretary & IT Advisor to the Chief Minister - Govt. of Andhra Pradesh, J A Chowdary is all for chasing new growth horizons, pursuing radically different development approaches and outguessing technology trends that will shape the future.